Hearing Focuses on Government Barriers to Housing Recovery
February 17, 2011 – (RealEstateRama) — Congresswoman Shelley Moore Capito, R-W.Va., delivered opening remarks at the Insurance, Housing, and Community Development Subcommittee hearing on Government Barriers to Housing Recovery. Capito has continuously highlighted the need to bring private sector capital back into the mortgage market while minimizing government support in housing finance. The portfolios of Federal Housing Administration (FHA) and Government Sponsored Enterprises Fannie Mae and Freddie Mac have grown to hold more than 90 percent of all mortgages in the United States, placing the American taxpayer at risk. Since their bailout, the two mortgage houses have already cost taxpayers $150 billion and counting.
“The previous business model of private gains and public losses is no longer acceptable. I look forward to working with Members of the Housing Subcommittee, under the leadership of Chairman Biggert, to find responsible ways to transition the government out of the mortgage market,” stated Capito, former Ranking Member of the Housing Subcommittee.
Background:
Rep. Capito is the Chairman of the Subcommittee on Financial Institutions and Consumer Credit. The subcommittee has jurisdiction over banks and the banking industry, depository institutions, federal deposit insurance. It also oversees all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, and all matters pertaining to consumer credit. In all, the subcommittee oversees the safety and soundness of the banking system. She is also a member of an additional subcommittee: the Subcommittee on Insurance, Housing and Community Opportunity.
